FLYD vs. MSTZ

Last updated Jun 26, 2026

FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both Inverse Equities funds from REX. FLYD is passively managed, while MSTZ is actively managed. Over the past year, FLYD returned -55.29% vs 279.21% for MSTZ. At a 0.36 correlation, their price movements are largely independent. FLYD charges 0.95%/yr vs 1.05%/yr for MSTZ.

Performance

FLYD vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLYD achieves a -30.35% return, which is significantly lower than MSTZ's 1.05% return.

FLYD

• 1D: 3.79%
• 1M: -24.33%
• YTD: -30.35%
• 6M: -26.65%
• 1Y: -55.29%
• 3Y*: -56.28%
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: 19.27%
• 1M: 186.45%
• YTD: 1.05%
• 6M: 9.89%
• 1Y: 279.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FLYD vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	-30.35%	-60.42%	-41.15%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	1.05%	-38.95%	-94.43%

Correlation

The correlation between FLYD and MSTZ is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.36

Return for Risk

FLYD vs. MSTZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FLYD

FLYD Risk / Return Rank: 2
FLYD Sharpe Ratio Rank: 4
FLYD Sortino Ratio Rank: 4
FLYD Omega Ratio Rank: 4
FLYD Calmar Ratio Rank: 0
FLYD Martin Ratio Rank: 0

MSTZ

MSTZ Risk / Return Rank: 62
MSTZ Sharpe Ratio Rank: 69
MSTZ Sortino Ratio Rank: 60
MSTZ Omega Ratio Rank: 59
MSTZ Calmar Ratio Rank: 74
MSTZ Martin Ratio Rank: 45

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FLYD vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FLYD	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	1.93	-2.66
Sortino ratio: Return per unit of downside risk	-0.90	2.48	-3.37
Omega ratio: Gain probability vs. loss probability	0.90	1.32	-0.42
Calmar ratio: Return relative to maximum drawdown	-1.01	3.31	-4.32
Martin ratio: Return relative to average drawdown	-2.07	6.57	-8.64

FLYD vs. MSTZ - Sharpe Ratio Comparison

The current FLYD Sharpe Ratio is -0.73, which is lower than the MSTZ Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of FLYD and MSTZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FLYD vs. MSTZ - Drawdown Comparison

The maximum FLYD drawdown since its inception was -98.45%, roughly equal to the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for FLYD and MSTZ.

Drawdown Indicators

	FLYD	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-98.45%	-99.38%	+0.93%
Max Drawdown (1Y) Largest decline over 1 year	-55.15%	-84.89%	+29.74%
Max Drawdown (3Y) Largest decline over 3 years	-94.61%	—	—
Current Drawdown Current decline from peak	-98.39%	-96.56%	-1.83%
Average Drawdown Average peak-to-trough decline	-83.26%	-94.46%	+11.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.03%	42.70%	-12.67%

Volatility

FLYD vs. MSTZ - Volatility Comparison

The current volatility for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) is 26.01%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 46.08%. This indicates that FLYD experiences smaller price fluctuations and is considered to be less risky than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLYD	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.01%	46.08%	-20.07%
Volatility (6M) Calculated over the trailing 6-month period	62.95%	129.73%	-66.78%
Volatility (1Y) Calculated over the trailing 1-year period	75.71%	145.84%	-70.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.83%	170.65%	-86.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.83%	170.65%	-86.82%

FLYD vs. MSTZ - Expense Ratio Comparison

FLYD has a 0.95% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

FLYD vs. MSTZ - Dividend Comparison

Neither FLYD nor MSTZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FLYD and MSTZ in my portfolio?

FLYD and MSTZ have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLYD or MSTZ?

MSTZ has higher volatility (46.08%) compared to FLYD (26.01%). In terms of maximum drawdown, FLYD dropped -98.45% vs MSTZ's -99.38%.

Which ETF is better, FLYD or MSTZ?

On 1-year performance, MSTZ leads with 279.21% vs -55.29% for FLYD. On fees, FLYD is cheaper at 0.95% per year. On volatility, FLYD has been the lower-risk option at 26.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLYD or MSTZ?

Over the 1-year period, MSTZ has performed better with a 279.21% return vs -55.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLYD or MSTZ?

FLYD is cheaper with a 0.95% expense ratio, compared with 1.05% for MSTZ.

Which ETF pays a higher dividend yield, FLYD or MSTZ?

FLYD and MSTZ have nearly identical dividend yields, around 0.00%.

What is the main difference between FLYD and MSTZ?

Their fees differ too: 0.95% for FLYD and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.93 vs -0.73), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.